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China announced on Monday that it plans to set import tariffs ranging from 5 percent to 25 percent on 5,140 American products — such as beef, salmon, vegetables, coffee, flowers, batteries and liquefied natural gas — on a revised billion target list.

China aims to become the world's leading manufacturer of telecommunication, railway and electrical power equipment by 2025, as the country ramps up its implementation of the Made in China 2025 strategy, according to a new roadmap released on Friday.

China and Mexico are both emerging economies, and they should work together to safeguard multilateralism and the free trade system, he said.

China and other countries would like to invest along the Belt and Road. But the investment climate needs to be good. There are a lot of infrastructure needs, but the policy environment for infrastructure investment needs to be right. A great deal of reforms will also be necessary to make the Belt and Road Initiative a success. Then, of course, there is the infrastructure itself, which will require quite a bit of financing, and that is one of the areas that the World Bank and our colleagues from the private sector arm, the International Financial Corporation, are focusing our efforts on. We are looking at policy, sectoral investment climate, and financing as well.

China and Russia may have more of their business transactions settled in their own currencies as bilateral trade increases and both face rising hostility from the United States.